ChargePoint Holdings Inc (CHPT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I'll be your conference operator for today's call. At this time, I would like to welcome everyone to the ChargePoint third-quarter fiscal 2025 earnings conference call and webcast. (Operator Instructions)

女士們、先生們，午安。我叫艾比，我將擔任今天電話會議的會議接線生。此時，我歡迎大家參加 ChargePoint 2025 財年第三季財報電話會議和網路廣播。 （操作員說明）

And I would now like to turn the call over to Nandan Amladi, ChargePoint's Vice President of Finance and Investor Relations. Nandan, please go ahead.

我現在想將電話轉給 ChargePoint 財務和投資者關係副總裁 Nandan Amladi。南丹，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss ChargePoint's third-quarter fiscal 2025 earnings result. This call is being webcast and can be accessed on the Investors section of our website at investors.chargepoint.com.

下午好，感謝您參加今天的電話會議，討論 ChargePoint 2025 財年第三季的獲利結果。本次電話會議正在進行網路直播，您可以在我們網站的投資者部分造訪 Investors.chargepoint.com。

With me on today's call are Rick Wilmer, our Chief Executive Officer; and Mansi Khetani, our Chief Financial Officer. This afternoon, we issued our press release announcing results for the quarter ended October 31, 2024, which can be found on our website.

與我一起參加今天電話會議的是我們的執行長 Rick Wilmer；以及我們的財務長 Mansi Khetani。今天下午，我們發布了新聞稿，宣布截至 2024 年 10 月 31 日的季度業績，您可以在我們的網站上找到該業績。

We'd like to remind you that during the conference call, management will be making forward-looking statements, including our outlook for our fourth quarter of fiscal 2025. These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call.

我們想提醒您，在電話會議期間，管理階層將做出前瞻性聲明，包括我們對2025 財年第四季的展望。我們無法控制的並可能導致實際結果與我們的預期有重大差異。這些前瞻性陳述從今天起適用，我們不承擔在電話會議後更新這些陳述的義務。

For a more detailed description of certain factors that could cause actual results to differ, please refer to our Form 10-Q filed with the SEC on September 9, 2024, and our earnings release posted today on our website and filed with the SEC on Form 8-K.

有關可能導致實際結果不同的某些因素的更詳細說明，請參閱我們於 2024 年 9 月 9 日向 SEC 提交的 10-Q 表格，以及今天在我們網站上發布並透過表格向 SEC 提交的收益報告。 8-K。

Also, please note that we use certain non-GAAP financial measures on this call, which we reconcile to GAAP in our earnings release and for certain historical periods in the investor presentation posted on the Investors section of our website. And finally, we'll be posting a transcript of this call to our Investor Relations website under the quarterly results section.

另請注意，我們在本次電話會議中使用了某些非公認會計原則財務指標，我們在收益發布中以及在我們網站投資者部分發布的投資者介紹中針對某些歷史時期的財務指標與公認會計原則進行了協調。最後，我們將在投資者關係網站的季度業績部分發布本次電話會議的記錄。

And with that, I'll turn the call over to Rick.

然後我會把電話轉給里克。

Good afternoon, and welcome to ChargePoint's third-quarter fiscal 2025 earnings call. Today, I will walk through key financial results for the quarter, implications of the recent US elections, and a review of progress made on our strategic plan.

下午好，歡迎參加 ChargePoint 2025 財年第三季財報電話會議。今天，我將介紹本季的主要財務業績、最近美國大選的影響，以及對我們戰略計劃進展的回顧。

Let's start with the third quarter. Our relentless pursuit of operational excellence is translating into positive results as we align our business for growth and manage our operating expenses. We finished the quarter with revenue of $100 million, exceeding our guidance range of $85 million to $95 million. Non-GAAP gross margins remained steady at 26% and inventory slightly lower than it was in the second quarter.

我們先從第三季開始吧。我們對卓越營運的不懈追求正在轉化為積極的成果，我們調整業務以實現成長並管理營運費用。我們本季的營收為 1 億美元，超出了 8,500 萬美元至 9,500 萬美元的指導範圍。非 GAAP 毛利率穩定在 26%，庫存略低於第二季。

Operating expenses were also down at $59 million compared to $66 million in the second quarter. In the quarter, we reduced our cash consumption to $24 million, which is down 64% from Q1 of this year. We continue to manage our cash with extreme rigor.

營運支出也從第二季的 6,600 萬美元下降至 5,900 萬美元。本季度，我們將現金消耗減少至 2,400 萬美元，比今年第一季下降了 64%。我們繼續極其嚴格地管理我們的現金。

The third quarter was notable for the expansion of our work with automotive manufacturers and partner. We completed our projects for General Motors, deploying our software for a new use case with a major faster network in the USA. We expanded our footprint at US ports, doing a sizable deal with the Port of Stockton in California.

第三季值得注意的是我們與汽車製造商和合作夥伴的合作的擴展。我們完成了通用汽車的項目，為美國主要更快網路的新用例部署了我們的軟體。我們擴大了在美國港口的足跡，與加州斯托克頓港達成了一項規模較大的交易。

We recently joined forces with Sixth USA services, a leading provider of premium mobility services. Sixth and ChargePoint will be working together to test ChargePoint solutions that select six rental locations in US markets with high EV adoption rates. With our partner Energy Efficiency Pros, we did a large installation for RedBull's delivery fleet. More installations at IKEA locations went live and we cohosted a fleet webinar with them to share the case study.

我們最近與領先的優質行動服務供應商 Sixth USA services 合作。 Sixth 和 ChargePoint 將共同測試 ChargePoint 解決方案，該解決方案選擇美國市場上電動車採用率較高的六個租賃地點。我們與我們的合作夥伴 Energy Efficiency Pros 一起，為紅牛的送貨車隊進行了大型安裝。宜家門市的更多安裝已投入使用，我們與他們共同舉辦了一次車隊網路研討會來分享案例研究。

The recent US election is likely on many of your minds, but ChargePoint currently does not see any dramatic changes on the horizon that we expect will materially impact our business. We have established our market leadership over 17 years amidst changing political environments, and we will continue to drive the secular shift towards clean transportation.

許多人可能會想到最近的美國大選，但 ChargePoint 目前並未看到任何我們預計會對我們的業務產生重大影響的重大變化。 17 年來，我們在不斷變化的政治環境中確立了市場領導地位，我們將繼續推動向清潔交通的長期轉變。

Significant investments have been made across sectors prepare for this shift. We believe electric vehicles are far superior to their internal combustion counterparts, and we do not predict any reversals on the road to electrification.

各部門已進行了大量投資，為這一轉變做好準備。我們相信電動車遠遠優於內燃機汽車，我們預計電氣化道路上不會出現任何逆轉。

Last quarter, I mentioned green shoots in demand, and we continue to see encouraging signs in the market. Charging network operators have been reporting an upswing in charger utilization, a trend we are also seeing at ChargePoint. This is good for the industry as a whole and good for ChargePoint as a supplier of software and hardware to the aforementioned networks. This all demonstrates the need for more infrastructure with our utilization outpacing our port growth yet again in the third quarter. This pressure has prompted customer inquiries about incremental chargers.

上個季度，我提到了需求的萌芽，我們繼續在市場上看到令人鼓舞的跡象。充電網路營運商報告稱，充電器利用率呈上升趨勢，我們在 ChargePoint 上也看到了這一趨勢。這對整個產業有利，對作為上述網路軟體和硬體供應商的 ChargePoint 有利。這一切都表明我們需要更多的基礎設施，第三季我們的利用率再次超過了港口的成長。這種壓力促使客戶詢問增量充電器。

The utilization pressure is the result of more EVs on the road. The US saw a record EV sales third quarter, up 11% year over year according to Cox Automotive. It was also a record quarter for the EV market share in the US, continuing the stable and sustainable growth pattern I mentioned in our last earnings call.

使用壓力是道路上更多電動車的結果。根據 Cox Automotive 的數據，美國第三季電動車銷量創歷史新高，年增 11%。這也是美國電動車市場份額創紀錄的季度，延續了我在上次財報電話會議中提到的穩定和可持續的成長模式。

In terms of our own growth, our Mitch port count now exceeds $329,000, representing 20% more active ports in the field year over year. We count 80% of the Fortune 50 companies as customers and we estimate we have avoided the consumption of nearly 500 million gallons of gasoline.

就我們自身的成長而言，我們的 Mitch 端口數量現已超過 329,000 美元，相當於該領域的活躍端口同比增加了 20%。我們將 80% 的財富 50 強公司視為我們的客戶，我們估計已經避免了近 5 億加侖的汽油消耗。

In our last call, I introduced ChargePoint's three-year strategic plan. This plan remains anchored upon our four cornerstones of a class-leading software platform, hardware innovation, delivering a world-class driver experienc, and operational excellence. Year one goals included finalizing our leadership team, revising our product road map, rightsizing, and ensuring operational excellence.

在我們上次的電話會議中，我介紹了 ChargePoint 的三年策略計畫。該計劃仍然以我們的四大基石為基礎：一流的軟體平台、硬體創新、提供世界一流的駕駛員體驗和卓越的營運。第一年的目標包括最終確定我們的領導團隊、修改我們的產品路線圖、調整規模以及確保卓越營運。

Three quarters into this fiscal year, we have accomplished all of this with the hiring of our new CRO, David Vice, being a recent highlight. David joined us in September and he is aligning the sales organization to drive growth.

本財年已經過去了三個季度，我們已經完成了所有這一切，聘用了我們的新 CRO David Vice，這是最近的一大亮點。 David 於 9 月加入我們，他正在調整銷售組織以推動成長。

Priority for year two of the strategic plan is the rollout of our next-generation software and hardware products. Our next-generation software aggregates our grave features and capabilities into one formidable platform. Within this platform, a customer will be able to manage anything from a network of chargers to a corporate lead of cars, trucks, or buses. When we roll out these integrated capabilities, we expect to delight our CPO, commercial and fleet customers with the first major proof points of the software-first initiative.

戰略計劃第二年的優先事項是推出我們的下一代軟體和硬體產品。我們的下一代軟體將我們的重要特性和功能聚合到一個強大的平台中。在這個平台中，客戶將能夠管理從充電器網路到汽車、卡車或巴士的公司領導等任何事物。當我們推出這些整合功能時，我們希望透過軟體優先計畫的第一個主要證據來讓我們的 CPO、商業和車隊客戶感到滿意。

The new hardware solutions will be proof points of our enhanced product design and manufacturing strategy, which leverages partners to bring our products to market faster at a lower cost and at improved margins.

新的硬體解決方案將證明我們增強的產品設計和製造策略，該策略利用合作夥伴以更低的成本和更高的利潤更快地將我們的產品推向市場。

Year three of the plan is when we expect to reap the full benefits of a top-performing organization, a next-gen portfolio of innovative software and hardware products and operational excellence. To ensure a world-class driver experience, we are continuously improving network reliability.

該計劃的第三年是我們期望獲得表現最佳的組織、下一代創新軟體和硬體產品組合以及卓越營運的全部好處的時候。為了確保世界一流的駕駛體驗，我們持續提升網路可靠性。

Last quarter, we deployed an AI solution to make it easy for the drivers to report problem stations with detailed and actionable information. We knew it would resonate with our drivers, but the results have far exceeded our expectations. Within the first 10 weeks, we received actionable reports that enabled us to resolve nearly half of all reported issues across thousands of stations more efficiently. This tool is materially helping us improve station uptime and increase customer satisfaction.

上季度，我們部署了人工智慧解決方案，使司機可以輕鬆報告問題車站，並提供詳細且可操作的資訊。我們知道它會引​​起我們的司機的共鳴，但結果遠遠超出了我們的預期。在前 10 週內，我們收到了可操作的報告，使我們能夠更有效地解決數千個站點中近一半的報告問題。該工具極大地幫助我們提高了站點的正常運行時間並提高了客戶滿意度。

We continue to focus on operational excellence. Proof of this comes in the form of our third quarter results. September sales and marketing-focused reorg has opened the door for new ideas and approaches and our CRO has been aligning the team for revenue growth and scalable processes. The financial benefits of September's rightsizing became evident at the end of the quarter and the additional benefits will materialize in the fourth quarter and beyond. We are focused on driving revenue growth while carefully managing our operating expenses. Excellence is also defined by outstanding customer support, and our support capabilities are now winning as deals over the competition.

我們持續專注於卓越營運。我們第三季的業績證明了這一點。 9 月以銷售和行銷為重點的重組為新的想法和方法打開了大門，我們的 CRO 一直在調整團隊以實現收入成長和可擴展的流程。九月規模調整的財務效益在季度末變得明顯，額外效益將在第四季度及以後實現。我們專注於推動收入成長，同時謹慎管理我們的營運費用。卓越也取決於出色的客戶支持，我們的支援能力現在正在贏得競爭。

In conclusion, we have accomplished the first year goals of our strategic plan and done so ahead of schedule. Our Q3 revenue and improved OpEx are proof of this. We are encouraged by the record EV sales in the industry, and we continue to see network utilization demonstrate the need for more charging infrastructure. We are now concentrating on returning to growth and streamlining operations to continue on our path to positive non-GAAP adjusted EBITDA, which is targeted for a quarter in fiscal year 2026.

綜上所述，我們提前完成了策略規劃第一年的目標。我們第三季的收入和營運支出的改善證明了這一點。我們對該行業創紀錄的電動車銷售感到鼓舞，並且我們繼續看到網路利用率表明需要更多的充電基礎設施。我們現在專注於恢復成長和精簡運營，繼續實現非 GAAP 調整後 EBITDA 為正值，目標是在 2026 財年一個季度實現這一目標。

I will now hand the call over to our CFO, Mansi.

我現在將把電話轉交給我們的財務長曼西。

Thanks, Rick. Revenue for the third quarter was $100 million, above our guidance range of $85 million to $95 million. Network charging systems at $53 million accounted for 53% of third quarter revenue. This was down 18% sequentially and down 29% year on year.

謝謝，瑞克。第三季營收為 1 億美元，高於我們 8,500 萬至 9,500 萬美元的指引範圍。網路收費系統營收為 5,300 萬美元，佔第三季營收的 53%。季減 18%，年減 29%。

Subscription revenue at $36 million was 37% of total revenue, up 1% sequentially and up 19% year on year. Subscriptions continue to demonstrate healthy growth.

訂閱收入為 3,600 萬美元，佔總營收的 37%，較上季成長 1%，較去年同期成長 19%。訂閱量繼續呈現健康成長。

Other revenue at $11 million was 10% of total revenue. This was up 28% sequentially and up 81% year on year due to growth in net transaction fees for processing payments and onetime project revenue.

其他收入為 1,100 萬美元，佔總收入的 10%。由於處理支付的淨交易費用和一次性項目收入的增長，該數字比上一季增長 28%，比去年同期增長 81%。

Turning to verticals, which we report from a billings perspective, third quarter billings percentages were: commercial, 61%; fleet, 15%; residential, 18%; and other, 6%. The commercial segment has normalized as a percentage of total billings after several large express plus TC shipments in the second quarter. Fleet remained stable, but the pushouts we outlined last quarter due to permitting and construction delays persist. Note that this is business that we expect to capture in future quarters.

轉向垂直行業，我們從帳單角度報告，第三季的帳單百分比為：商業，61%；機隊，15%；住宅，18%；其他，6%。在第二季度進行了幾次大型快遞和 TC 發貨後，商業部門佔總帳單的百分比已經正常化。船隊保持穩定，但我們上季度概述的由於許可和施工延誤而導致的停工仍然存在。請注意，這是我們預計在未來幾季捕獲的業務。

Our highly rated home charger, the Home Flex, continued to be a bestseller and contributed a strong share of billings in the third quarter. From a geographic perspective, North America made up 83% of third quarter revenue, and Europe was at 17%. Europe remains challenging for the entire EV sector amidst policy and incentive uncertainties.

我們備受好評的家用充電器 Home Flex 繼續成為暢銷產品，並在第三季度貢獻了強勁的營收份額。從地域角度來看，北美佔第三季營收的83%，歐洲佔17%。由於政策和激勵措施的不確定性，歐洲對整個電動車產業仍然充滿挑戰。

Non-GAAP gross margin for the third quarter was 26%, consistent with the second quarter. Gross margin improved by 44 percentage points, as compared to the third quarter last year, a quarter that was impacted by an inventory impairment charge.

第三季非 GAAP 毛利率為 26%，與第二季一致。與去年第三季（受庫存減損費用影響）相比，毛利率提高了 44 個百分點。

Non-GAAP operating expenses for the third quarter were $59 million, down 12% sequentially and down 28% from $81 million in the third quarter last year. In September, we reduced our non-GAAP operating expenses by an estimated $38 million on an annualized basis. In the third quarter, we saw a partial impact of the September restructuring. The full impact on our run rate operating expense profile will be evident in the fourth quarter.

第三季非公認會計準則營運費用為 5,900 萬美元，較上一季下降 12%，比去年第三季的 8,100 萬美元下降 28%。 9 月份，我們按年化計算將非 GAAP 營運費用減少了約 3,800 萬美元。在第三季度，我們看到了九月重組的部分影響。對我們運行率營運費用狀況的全面影響將在第四季度顯現出來。

Non-GAAP adjusted EBITDA loss for the third quarter was $29 million, a fourth consecutive quarter of improvement. This compares to a loss of $34 million in the second quarter and a loss of $97 million in Q3 of last year.

第三季非 GAAP 調整後 EBITDA 虧損為 2,900 萬美元，連續第四個季度有所改善。相較之下，第二季虧損 3,400 萬美元，去年第三季虧損 9,700 萬美元。

Stock-based compensation in the third quarter was $21 million, up from $19 million in the second quarter and down from $33 million year on year. Our inventory balance decreased by $7 million in the third quarter from an all-time high in the second quarter. As we continue to sell through finished goods on hand, this should release a significant amount of working capital and we expect to free up cash next year.

第三季的股票薪酬為 2,100 萬美元，高於第二季的 1,900 萬美元，低於去年同期的 3,300 萬美元。第三季我們的庫存餘額比第二季的歷史最高水準減少了 700 萬美元。隨著我們繼續銷售現有成品，這應該會釋放大量營運資金，我們預計明年將釋放現金。

We ended the quarter with $220 million cash on hand. We reduced net cash consumption to $24 million for the third quarter, which is down 64% from Q1 of this year, and is lower than our adjusted EBITDA loss for the third quarter. While we continue to rigorously focus on cash management, we have access to a $150 million revolving credit facility, which remains undrawn. We have no debt maturities until 2028, and we have existing capacity on our ATM.

本季結束時，我們手頭現金為 2.2 億美元。我們將第三季的淨現金消耗減少至 2,400 萬美元，比今年第一季下降了 64%，低於我們第三季調整後的 EBITDA 虧損。雖然我們繼續嚴格關注現金管理，但我們可以獲得 1.5 億美元的循環信貸額度，但尚未提取。我們的債務在 2028 年之前都沒有到期，而且我們的 ATM 上有現有容量。

Turning to guidance. For the fourth quarter of fiscal 2025, we expect revenue to be $95 million to $105 million. While we are least with beating our guidance in the third quarter, we continue to be prudent in our forward guidance as a result of our recent improvements to the sales and marketing organization. In conclusion, our Q3 was solid with revenue beating our expectations.

轉向指導。 2025 財年第四季度，我們預計營收為 9,500 萬美元至 1.05 億美元。雖然我們在第三季超出預期的情況最少，但由於我們最近對銷售和行銷組織進行了改進，我們對前瞻性指引仍然持謹慎態度。總之，我們的第三季表現穩健，收入超出了我們的預期。

As Rick outlined in his remarks, we have taken meaningful steps throughout this year to improve operations and have achieved a more efficient cost structure. This has improved our adjusted EBITDA each quarter this year and reduced our cash usage, a trend that we expect to continue as we progress towards profitability. We believe the trough is behind us. We are improving on all metrics within our control and with the recent reorganization of our sales structure, we are now well positioned to capitalize on the opportunity ahead of us.

正如里克在演講中概述的那樣，我們今年採取了有意義的措施來改善運營，並實現了更有效的成本結構。這改善了我們今年每季調整後的 EBITDA，並減少了我們的現金使用量，隨著我們邁向獲利能力，我們預計這一趨勢將持續下去。我們相信低谷已經過去。我們正在改進我們控制範圍內的所有指標，隨著最近對銷售結構的重組，我們現在已經做好了充分利用眼前機會的準備。

With that, I will turn the call back to the operator for questions.

這樣，我會將電話轉回給接線生詢問問題。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員說明）Colin Rusch，奧本海默。

Thanks so much, guys. Could you talk a little bit about the margin trajectory that you're expecting on the gross margin side? Obviously, you guys have adjusted some of the manufacturing, the component supplies shift a little bit, but I just want to get a sense of how that's trending for you and how we should think about that on a multi-quarter basis?

非常感謝，夥計們。您能談談您對毛利率方面的預期利潤軌跡嗎？顯然，你們已經調整了一些製造，零件供應發生了一些變化，但我只是想了解一下你們的趨勢如何，以及我們應該如何在多個季度的基礎上考慮這一點？

Yeah. Hi, Colin, I can take that one. So from a gross margin perspective, we ended the quarter with at 26% in Q3. I expect it to be flattish to maybe improve slightly in Q4, but the majority of improvement or meaningful margin improvement will be realized next year as we sell through our existing inventory and really start seeing the benefits of our Asia manufacturing.

是的。嗨，科林，我可以接受那個。因此，從毛利率的角度來看，我們第三季末的毛利率為 26%。我預計第四季度的情況可能會略有改善，但隨著我們銷售現有庫存並真正開始看到亞洲製造的好處，大部分改善或有意義的利潤率改善將在明年實現。

Okay. That's super helpful. And then just in terms of the sales process, can you talk a little bit about the efficiency per head count that you're seeing with the sales team, as well as the win rate that you guys are seeing in terms of the bids? And how that's flowing through the sales one?

好的。這非常有幫助。然後就銷售流程而言，您能否談談您在銷售團隊中看到的人均效率，以及您在投標方面看到的獲勝率？這又是如何流經銷售部門的呢？

Yeah. Thanks, Colin, for that question. I've really been pleased with our new leader, David Vice and the impact he made in, quite frankly, a quarter that was disrupted through the restructuring that we executed during the quarter. But the progress we've made across a variety of initiatives in the sales and marketing area yielded results in Q3, and I'm optimistic about the continued impact those changes will have going forward.

是的。謝謝科林提出這個問題。我對我們的新領導者 David Vice 以及他在本季度所產生的影響感到非常滿意，坦白說，這個季度因我們在本季度執行的重組而受到干擾。但我們在銷售和行銷領域的各種舉措所取得的進展在第三季度取得了成果，我對這些變化將產生的持續影響持樂觀態度。

They include things like areas of focus on certain segments by geography, clarifying roles and responsibilities within the sales and marketing organization, leveling sales skills, standardizing processes for moving deals through the deal stages -- let me take those through to win in execution, a focus on our partner program, our channel partner program, improving that along with the way we generate interest in the company's products from a marketing perspective and process that through into the sales organization for execution.

其中包括按地理位置關注某些細分市場、明確銷售和行銷組織內的角色和職責、提升銷售技能、標準化交易各個階段的流程等內容——讓我透過這些內容來贏得執行力，專注於我們的合作夥伴計劃、我們的通路合作夥伴計劃，從行銷角度改進我們對公司產品產生興趣的方式，並將其納入銷售組織執行。

Appreciate that. Thank you so much.

很欣賞這一點。太感謝了。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Good afternoon, guys. Thanks for taking the questions. I wanted to come back to your comments that you're not expecting any material changes, I guess, with the incoming administration. I think it's pretty well known that there's expectations around tariffs and potentially 30 D tax credit going away.

下午好，夥計們。感謝您提出問題。我想回到你的評論，我猜你不希望新政府做出任何重大改變。我認為眾所周知，人們對關稅和可能的 30 D 稅收抵免的預期會消失。

But maybe, I guess, on the tariff side and your cost structure, trying to -- I know you're working with partners in Asia. If there were to be a tariff implemented, how should we think about the impacts to your margin expectations would you reflect any capacity back to North America? How should we think of -- does this give you caution on how to think about the margin expansion in the next year and beyond?

但我想，也許在關稅方面和成本結構方面，我知道你們正在與亞洲的合作夥伴合作。如果要實施關稅，我們應該如何考慮對您的利潤預期的影響，您是否會將任何產能反映回北美？我們該如何思考—這是否讓您對如何考慮明年及以後的利潤率擴張持謹慎態度？

It's speculative exactly what's going to happen based on what we know so far, Bill, but we don't manufacture in China. For one thing, we also have manufacturing operations up and running in the United States and we've had those for a long time. So if it became cost effective to shift more production to the US, that's clearly an option that we have available to us right now today if we need to do that.

比爾，根據我們目前所知，具體會發生什麼事還只是推測，但我們不在中國生產。一方面，我們也在美國建立並經營了製造業務，而且我們已經擁有這些業務很久了。因此，如果將更多生產轉移到美國變得具有成本效益，那麼如果我們需要這樣做的話，這顯然是我們現在可以選擇的選擇。

Okay. Thanks for that. You commented earlier that Europe has been challenged. We saw a lot of negative earner growth trends for many of the countries. France is pulling back on subsidies. I guess I'm trying to get a sense of how you feel about the strategic rational with Europe at this stage. Would you consider divestment or the balance sheet as your year program unfolds? Or I guess, maybe at asking another way, how synergistic are the businesses at this stage?

好的。謝謝你。您之前評論說歐洲受到了挑戰。我們看到許多國家的收入出現負成長趨勢。法國正在取消補貼。我想我是想了解您對現階段與歐洲的戰略理性有何看法。當您的年度計劃展開時，您會考慮撤資或資產負債表嗎？或者我想，也許換個方式問，現階段各業務的綜效有多大？

We're committed to or the more main committed to Europe. Despite the short-term uneasiness there, I think the long-term prospects look strong. Furthermore, we've got multinational customers by being present both in Europe and North America, give us a competitive advantage to serve them across both continents, and those are some very important customers to us. So we will continue to focus on Europe.

我們致力於或更主要致力於歐洲。儘管存在短期的不安，但我認為長期前景看起來很強勁。此外，我們透過在歐洲和北美開展業務而擁有跨國客戶，這使我們在為這兩大洲的他們提供服務方面具有競爭優勢，而這些對我們來說是一些非常重要的客戶。因此我們將繼續關注歐洲。

The other thing I'll tell you is that the focus on sales and marketing that we executed in Q3 was very North America centric. And we're now going to turn a lot of that focus to Europe and have no reason to expect similar improvements like those we saw in North America.

我要告訴您的另一件事是，我們在第三季執行的銷售和行銷重點非常以北美為中心。我們現在將把大部分重點轉向歐洲，沒有理由期望像我們在北美看到的那樣的類似改進。

That's helpful comment. Thank you.

這是有用的評論。謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Good afternoon. Thank you very much for taking questions. Rick and Mansi, you both alluded to your view that the business has troughed and you see some signs to be optimistic heading forward. In light of everything you're seeing in the broader market, you spoke a bit on Europe, we've already spoken a bit on public policy. Maybe you can just block a little bit more on what gives you that confidence around the business momentum heading into the fiscal year?

午安.非常感謝您提出問題。 Rick 和 Mansi，你們都提到了自己的觀點，即業務已經陷入低谷，你們看到了一些樂觀的跡象。鑑於您在更廣泛的市場中看到的一切，您談到了一些關於歐洲的問題，我們已經談到了一些關於公共政策的問題。也許您可以稍微阻止一下是什麼讓您對進入本財年的業務動能充滿信心？

Yeah. I think the other thing that gives us confidence is the continued diversity of EV selection that rolls into the market from the auto OEMs. I think that we are firmly convinced and probably biased that EVs are far superior to an internal combustion engine cars as a product in general.

是的。我認為讓我們充滿信心的另一件事是汽車原始設備製造商進入市場的電動車選擇的持續多樣性。我認為我們堅信並且可能有偏見，認為電動車作為一般產品遠優於內燃機汽車。

And knowing that we now have a broader selection of vehicles coming both in the price point, size, shape, form, class I think that's going to continue to drive EV adoption. So I'm very optimistic that a broader selection of cars is going to help move things forward.

知道我們現在有更廣泛的車輛選擇，無論是在價格、尺寸、形狀、形式、類別上，我認為這將繼續推動電動車的採用。因此，我非常樂觀地認為，更廣泛的汽車選擇將有助於推動事情向前發展。

And specifically, Mark, in terms of where we see revenue growth coming from there a number of green shoots, one is closing deals that have already been pushed out from this year. In many cases, we're getting indications of potential expansions as well.

具體來說，馬克，就我們看到的收入成長來自許多新芽而言，其中之一是完成今年以來已經推遲的交易。在許多情況下，我們也收到了潛在擴張的跡象。

On the fleet side, there are large deals that we've already won, specifically in the bus space that are expected to ship next year. On the commercial side, there are government and nevi related wins that we've already booked that are expected to ship next year as well as auto dealership deals we've won. Residential has been a strong sector for us as well, and we have forecast of growth in volumes from our channel partners. And then, of course, there is a continued increase in subscription revenue.

在車隊方面，我們已經贏得了一些大筆交易，特別是在預計明年發貨的巴士領域。在商業方面，我們已經預訂了與政府和痣相關的訂單，預計將於明年發貨，以及我們贏得的汽車經銷商交易。住宅對我們來說也是一個強勁的領域，我們預期通路合作夥伴的銷售將會成長。當然，訂閱收入也會持續成長。

So all of this will contribute to a growth in revenue for us specifically next year.

因此，所有這些都將有助於我們明年的收入成長。

That's helpful. And my follow-up question, I think more for you, Mansi. You spoke about some additional conductions you expect to flow through this coming quarter. Can you be a bit more specific around what to expect around OpEx or OpEx savings? And how sustainable that lower run rate maybe in the coming year?

這很有幫助。我的後續問題是，我為你想得更多，曼西。您談到了預計在下個季度進行的一些額外傳導。您能否更具體地說明對營運支出或營運支出節省的預期？來年較低的運行率可能持續多久？

And I guess just to conceptualize what that might mean to the extent there is downside to the business from the top line perspective, and I understand that's not your expectation, but if there were because of macroeconomic or policy changes, do you think ChargePoint could take more cost out? Or would that be hard to do given how much you've already done on that front? Thank you.,

我想只是為了概念化這可能意味著什麼，從頂線的角度來看，業務存在下行風險，我知道這不是您的預期，但如果由於宏觀經濟或政策變化而出現這種情況，您認為ChargePoint 會採取什麼措施嗎？或者考慮到您在這方面已經做了很多工作，這會很難做到嗎？謝謝。

Yeah. So overall, on the OpEx side, as I mentioned in my prepared remarks, we took out $38 million of an annualized OpEx on a non-GAAP basis through our September restructuring. So we saw that averages to about $9-ish million a quarter, and we saw two-thirds of that impact coming through in Q3.

是的。因此，總體而言，在營運支出方面，正如我在準備好的發言中提到的那樣，透過 9 月的重組，我們在非 GAAP 基礎上支出了 3800 萬美元的年化營運支出。因此，我們看到平均每季約為 900 萬美元左右，其中三分之二的影響發生在第三季。

And in Q4, we'll see the fourth quarter impact. So we're not expecting anything additional in addition to the restructuring that we did in September for the Q4 operating expenses run rate. This unit will continue through next year. Obviously, there would be some investments that we will make in certain areas of the business where we see it prudent to do so and where we get direct revenue benefits. But other than that, I think this is a pretty good run rate going into next year.

在第四季度，我們將看到第四季度的影響。因此，除了 9 月針對第四季度營運費用運行率進行的重組之外，我們預計不會有任何額外的結果。該單元將持續到明年。顯然，我們將在業務的某些領域進行一些投資，我們認為這樣做是謹慎的，並且我們可以在這些領域獲得直接收入收益。但除此之外，我認為明年的運行率相當不錯。

And then the second part of your question in terms of overall -- we are always looking at OpEx to find efficiencies. There are so many areas like P&E, there are facilities spend, their software spend external consulting services, et cetera, that we can and will continuously look at to see where we can get more synergies from.

然後你的問題的第二部分就整體而言——我們一直在關注營運支出以尋找效率。像 P&E 這樣的領域有很多，有設施支出、軟體支出、外部諮詢服務等等，我們可以而且將會不斷地關注，看看我們可以從哪裡獲得更多的協同效應。

Thank you.

謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. First question, just to round out the question on the backdrop. Is it safe to say you're also not seeing any buyer hesitancy related to the new politics from any network customers or anything like that? Can you just give us a sense if there's been a reaction there? And then I had a follow-up.

嗨，下午好。第一個問題，只是為了完善背景問題。可以肯定地說，您也沒有從任何網路客戶或類似的地方看到任何與新政治相關的買家猶豫嗎？您能否告訴我們那裡是否有反應？然後我進行了跟進。

Yeah. Hi. Steven, thanks for the question. No, we've seen literally 0 change in terms of buying behavior from our customer base.

是的。你好。史蒂文，謝謝你的提問。不，我們的客戶群的購買行為幾乎沒有改變。

Okay. Fair enough. And then if we could do just so maybe a little bit deeper dive on the gross margins, looking at software versus hardware, are we thinking that the improvement for at least a couple more quarters is just more of a mix of software? Or do we start to see the hardware margin start to improve based on everything that you talked about so far? Thanks.

好的。很公平。然後，如果我們可以這樣做，也許可以更深入地研究毛利率，看看軟體與硬件，我們是否認為至少再幾個季度的改進只是軟體的混合？或者，根據您到目前為止所討論的一切，我們是否開始看到硬體利潤率開始改善？謝謝。

Yeah. So hardware margins have improved as well. As you saw in this quarter, hardware margins were lower than last quarter. It was mostly due to some incremental freight charges for some raw materials that were moved from a US ACMs to Asia, and more like a onetime impact.

是的。因此，硬體利潤率也有所提高。正如您在本季所看到的，硬體利潤率低於上季。這主要是由於一些原材料從美國 ACM 運往亞洲的運費增加，更像是一次性影響。

So hardware margins should continue to go up steadily. Hardware margins also kind of are influenced by final mix of product. So depending on where the mix lands that will cause some fluctuations. But overall, like I said before, the more meaningful improvements in hardware margin will come around middle of next year when we actually start seeing benefit of our Asia manufacturing.

因此，硬體利潤率應該會繼續穩定上升。硬體利潤率也受到最終產品組合的影響。因此，根據混合物的落地位置，這會引起一些波動。但總體而言，正如我之前所說，硬體利潤率更有意義的改善將在明年年中左右出現，屆時我們將真正開始看到亞洲製造的好處。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

Joseph Osha, Guggenheim Partners.

約瑟夫‧奧沙，古根漢合夥人。

hi. Thank for taking my questions. Mansi, you talked about continuing to free up working capital as you sell down inventory. I'm just wondering, is there any kind of obsolescence or price risk that you face is that you -- as the time line to bring that inventory expands? And then I have one other question.

你好。感謝您回答我的問題。曼西，您談到在出售庫存時繼續釋放營運資金。我只是想知道，隨著庫存時間的延長，您是否會面臨任何過時或價格風險？然後我還有一個問題。

So Joseph, just to clarify you saying, is there any obsolescence risk in our inventory?

約瑟夫，我想澄清一下你所說的，我們的庫存是否有過時的風險？

Yeah. Sorry. That's a much more eloquent way of putting it.

是的。對不起。這是一種更雄辯的表達方式。

Sorry. So I mean, pretty much all the product that we have on our inventory right now is products that we're actively selling. We did, as you can remember, take some write-offs earlier maybe three, four quarters ago on the old generation products. So now, all of our inventory is of goods that we're currently selling, and we expect to sell those through over a period of time.

對不起。所以我的意思是，我們現在庫存中的幾乎所有產品都是我們正在積極銷售的產品。正如您所記得的那樣，我們確實在三、四個季度前對老一代產品進行了一些註銷。所以現在，我們所有的庫存都是我們目前正在銷售的商品，我們預計會在一段時間內出售這些商品。

There is always some write-off each quarter. We have variances in terms of maybe changes in standard costs or maybe some really old E&O stuff, which is smaller. So it's kind of normal course of business that we will continue to do every quarter.

每季總是會有一些沖銷。我們在標準成本的變化或可能是一些非常舊的 E&O 東西方面存在差異，這些東西較小。因此，這是我們每季都會繼續做的正常業務過程。

Okay. Thank you. And then my other question is just looking at the cash OpEx burn, obviously, you all had a lot of luck bringing that down and continue to work on it. Do you pretty much have that where you wanted at this point, the idea of being that use improvement comes from top line growth? Can we think about it that way?

好的。謝謝。然後我的另一個問題是看看現金營運支出的消耗，顯然，你們都很幸運地把它降下來並繼續努力。您現在是否已經實現了您想要的想法，即使用改進來自於收入成長？我們可以這樣想嗎？

Yes. So on cash, we were really pleased with our cash usage for this quarter. As we mentioned, we brought it down to $24 million, which is significantly lower than the $66 million in Q1 and $50 million in Q2. The main reason was -- well, there were two reasons. One is we brought OpEx down so that directly impacts our cash usage. And the second one was inventory. This quarter, we actually managed to bring inventory down.

是的。因此，就現金而言，我們對本季的現金使用非常滿意。正如我們所提到的，我們將其降低至 2,400 萬美元，這明顯低於第一季的 6,600 萬美元和第二季的 5,000 萬美元。主要原因是——嗯，有兩個原因。一是我們降低了營運支出，直接影響了我們的現金使用。第二個是庫存。本季度，我們實際上成功降低了庫存。

Last couple of quarters, we've been building inventory balance. And so we've been investing and using our cash to bring that inventory on board. This quarter, we saw a reversal of that trend, and we actually freed up cash and used our cash but because of that. And that's what we've been saying. We should see that accelerate through next year as we bring down inventory in an even more meaningful way.

過去幾個季度，我們一直在建立庫存平衡。因此，我們一直在投資並使用現金來增加庫存。本季度，我們看到了這一趨勢的逆轉，我們實際上釋放了現金並使用了我們的現金，但正因為如此。這就是我們一直在說的。隨著我們以更有意義的方式降低庫存，我們應該會看到這種情況在明年加速。

Generally speaking, because of the business that we're in where capital like we don't have any CapEx or very, very little CapEx. Our cash burn should mirror our EBITDA loss pretty closely, and that's basically my goal. That's what we want to get to. We did that this quarter. A

一般來說，由於我們所處的業務沒有任何資本支出或非常非常少的資本支出。我們的現金消耗應該與我們的 EBITDA 損失非常接近，這基本上就是我的目標。這就是我們想要達到的目標。我們本季就這樣做了。一個

ctually, this quarter, our cash burn was even slightly lower than our EBITDA loss. We'll continue to see that trajectory going forward. And as we get closer to EBITDA breaking, then we should get to cash flow breakeven. Now we could get to cash flow breakeven a little bit earlier if we see more release of working capital because of reduced inventory.

事實上，本季我們的現金消耗甚至略低於 EBITDA 損失。我們將繼續看到這一軌跡向前發展。當我們接近 EBITDA 突破時，我們應該實現現金流損益兩平。現在，如果我們看到因庫存減少而釋放更多營運資金，我們可以更早實現現金流收支平衡。

Sure. Thanks. Maybe I didn't state the question quite correctly. The cash OpEx, can we think about that as basically being flat, the non-GAAP OpEx going forward?

當然。謝謝。也許我沒有完全正確地陳述問題。現金營運支出，我們是否可以認為未來的非公認會計原則營運支出基本上持平？

Okay. I'm sorry. Q4 will see the full benefits of the September restructuring. So it should be better than Q3. And then after that, we think it's more or less in a good place. We're not guiding as of now to next year's OpEx. But for Q4, you should see an improvement versus Q3.

好的。對不起。第四季將看到 9 月重組的全部好處。所以應該比Q3更好。在那之後，我們認為它或多或少處於一個好的位置。目前我們還沒有對明年的營運支出進行指導。但對於第四季度，您應該會看到與第三季度相比有所改善。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah. Thank you. I just wanted to follow up on the longer-term outlook for '26 and the positive EBITDA comment. Can you just maybe, I guess, walk us through some of the levers that you all have to achieve that? Is that really just a function of revenue growth? Or are there additional levers that you all have to, I guess, manage on your side outside of the kind of macro demand environment?

是的。謝謝。我只是想跟進 26 年的長期前景和積極的 EBITDA 評論。我想，您能否向我們介紹一下實現這一目標所需的一些手段？這真的只是收入成長的函數嗎？或者我想，在宏觀需求環境之外，你們是否還必須管理其他槓桿？

Yes. Thanks, Chris. So you saw this year, we've made significant progress towards getting to adjusted EBITDA positive by managing our cost structure. So that helps on the OpEx side pretty significantly. The two levers that will get us there are revenue growth and gross margin improvement, right? So revenue growth, as I laid out, there are a number of green shoots that we're seeing that gives us confidence in that in revenue growing next year.

是的。謝謝，克里斯。所以你看到，今年，我們透過管理成本結構，在實現調整後 EBITDA 為正數方面取得了重大進展。因此，這對營運支出方面有很大幫助。讓我們實現這一目標的兩個槓桿是收入成長和毛利率提高，對吧？因此，正如我所指出的，收入成長出現了許多新芽，這讓我們對明年的收入成長充滿信心。

And then on the gross margin side, as we start seeing benefits of manufacturing next year, we should see that trending up as well. So we'll see a combination of all of those three factors getting us there.

然後在毛利率方面，當我們明年開始看到製造業的好處時，也應該看到毛利率呈現上升趨勢。因此，我們將看到所有這三個因素的結合使我們能夠實現這一目標。

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hey, good afternoon. Rick, I just want to make sure I follow up something you said. Year two, which is next year, you're going to have next-generation software and next-generation hardware. Does the next-generation software work on hardware in the field? And then I just want to understand the timing of the inventory drawdown and the introduction of next-generation hard weather?

嘿，下午好。里克，我只是想確保我跟進了你所說的事情。第二年，也就是明年，你將擁有下一代軟體和下一代硬體。下一代軟體可以在現場硬體上運行嗎？然後我只想了解庫存減少和下一代惡劣天氣引入的時間？

Got it. So let me take the first part of that, Chris. So all of our software is absolutely backward compatible with all of our prior products and will obviously support all the new products that we'll be introducing. Furthermore, we have talked many times about the fact that our software platform is open. So we manage a lot of third-party hardware with our software that's not even ours. So we're fully compatible across the board with prior generation and third-party hardware.

知道了。所以讓我來談談第一部分，克里斯。因此，我們所有的軟體絕對向後相容於我們之前的所有產品，並且顯然將支援我們將推出的所有新產品。此外，我們已經多次談到我們的軟體平台是開放的。因此，我們使用我們的軟體管理許多第三方硬件，而這些軟體甚至不屬於我們。因此，我們與上一代和第三方硬體完全相容。

What was the second part again, Chris?

第二部分又是什麼，克里斯？

I'm just curious about the timing. You talked about next-generation hardware coming next year, but you've got this inventory build right now that you're looking to draw down. It seems like they're both kind of landing at the same time, if I have that right? Or I just want to understand the timing the dry down versus building inventory next-generation hardware?

我只是好奇時間安排。您談到了明年即將推出的下一代硬件，但您現在已經建立了庫存，並且正在尋求削減。看起來它們似乎同時著陸，如果我沒聽錯的話？或者我只是想了解乾燥與建立庫存下一代硬體的時間？

Yes. So we are very diligent about aligning supply with demand. And we're confident that as we introduce new products, the products if they do replace a prior product and are not something new that will manage that transition effectively to avoid any significant obsolescence of an older product. And we've looked at that very carefully and are confident that we're in fine shape in that regard.

是的。因此，我們非常努力地調整供應與需求。我們相信，當我們推出新產品時，如果這些產品確實取代了以前的產品並且不是新產品，那麼我們將有效地管理這種過渡，以避免舊產品的任何重大過時。我們非常仔細地研究了這一點，並相信我們在這方面處於良好狀態。

Okay. Perfect. And then can you just touch on the essential cloud plan that you released that you talked about at the end of October? Does this sort of put you on the path to being an owner-operator or quasi owner-operator since you're taking revenue from the drivers now and this allows customers to have a lower monthly cost burden. I just want to understand the path that you're on? Or if this is just more of a special project for multifamily dwelling type buyers?

好的。完美的。那麼您能談談您在 10 月底談到的發布的基本雲端計劃嗎？這是否會讓您走上成為業主運營商或準業主運營商的道路，因為您現在從司機那裡獲取收入，這使得客戶每月的成本負擔更低。我只是想了解你現在走的路？或者這只是針對多戶住宅類型買家的特殊項目？

No, good question, and thanks for asking that question. It definitely does not put us into the position of being energy seller. That is not our business. That would put us in competition with our customers, and we have no plans to do anything like that. So this is really an easy to buy or an easy-to-consume way to take care of your licensing requirements to ChargePoint. So rather than every year get a renewal notice for your software or your enhanced warranty services, we just deduct that from your driver revenue until the amount you owe us for those services are paid and then you could cover the rest. So you forgo the hassle of we'll notice this as a customer and having to get a quote from us and pay the invoice. It just happens automatically. It also improves our internal efficiency because we don't have to do all that renewal work on an annual or however long term in the licenses.

不，好問題，感謝您提出這個問題。這絕對不會讓我們成為能源銷售者。那不是我們的事。這將使我們與客戶競爭，我們沒有計劃這樣做。因此，這確實是一種易於購買或易於使用的方式來滿足您對 ChargePoint 的授權要求。因此，我們不會每年都會收到您的軟體或增強保固服務的續約通知，而是從您的司機收入中扣除，直到您支付了您欠我們的這些服務的金額，然後您就可以支付其餘部分。因此，您無需擔心我們作為客戶會注意到這一點，並且必須從我們這裡獲取報價並支付發票。它只是自動發生。它還提高了我們的內部效率，因為我們不必每年或無論長期如何進行許可證的所有更新工作。

Gabe Daoud, TD Cowen.

加布·達烏德，TD·考恩。

Was curious if you can maybe give us a bit more color on this software you deploy for GM, a new use case with a major fast charging network in the US. Just curious if you could maybe talk a little about that and if you outlined or identified additional use cases for this new software, I guess?

我很好奇您能否給我們更多關於您為通用汽車部署的軟體的信息，這是一個在美國擁有主要快速充電網路的新用例。只是好奇您是否可以談談這一點，以及您是否概述或確定了這個新軟體的其他用例，我想？

Yes, we won't go into details about that. It was a significant project. And it also applies to things we can do with other auto OEMs.

是的，我們不會詳細討論這一點。這是一個重要的項目。這也適用於我們可以與其他汽車原始設備製造商合作的事情。

Okay. Okay. Fair enough. And then just as a follow-up, Mansa, you mentioned gross margin next year will ultimately also depend on mix. So I was curious if you can maybe level set a bit and give us an update or maybe rank within the portfolio like Level 2 CP 6000 now the more margin-rich product versus CT4K or CPF50 in a new one like more margin-rich. And -- similarly on the DC side, which express offering would be the most margin rich at this point?

好的。好的。很公平。作為後續行動，曼薩，您提到明年的毛利率最終也將取決於組合。因此，我很好奇您是否可以稍微設定等級並給我們更新，或者可能在投資組合中進行排名，例如Level 2 CP 6000 現在是利潤更豐富的產品，而不是新產品中利潤更豐富的CT4K或CPF50。同樣，在 DC 方面，哪一種特快專遞目前利潤率最高？

Yes. So we're selling both CT4K, which is our legacy AC product as well as the CD6K, which is a more premium product and both are both our margin rate. All of our ACE portfolio is margin-rich. And on the DC side, with the Asia manufacturing coming on board, that will help the DC margins more significantly.

是的。因此，我們同時銷售 CT4K（我們的傳統 AC 產品）和 CD6K（一種更優質的產品），兩者都是我們的保證金率。我們所有的 ACE 投資組合都保證金充足。在DC方面，隨著亞洲製造業的加入，這將更顯著地提高DC的利潤率。

Okay. Thanks for that.

好的。謝謝你。

Patrick Ouellette, Stifel.

派崔克歐萊特，史蒂菲爾。

Hey. It's Pat Ouellette on for Stephen Gengaro. Thanks for taking the questions. You've been optimistic about some green shoe potentials next year and seeing customers significantly expand their deployment plans. I'm curious if actually things have shifted one way or another? And then any comments you could provide, specifically on the fleet side?

嘿。帕特·歐萊特 (Pat Ouellette) 替補史蒂芬·根加羅 (Stephen Gengaro)。感謝您提出問題。您對明年的一些綠鞋潛力持樂觀態度，並看到客戶大幅擴展了他們的部署計劃。我很好奇事情是否真的發生了這樣或那樣的變化？然後您可以提供什麼意見，特別是在機隊方面？

Yes. I think in general, across all segments, especially in North America, we're seeing demand that is pleasing to us. And again, with the improvements we've made in terms of sales and marketing execution, we're executing on that demand better. It seems to be pretty evenly spread across all segments, at least in North America, again, with a bit slower market growth in Europe at the moment.

是的。我認為總的來說，在所有細分市場，尤其是在北美，我們都看到了令我們滿意的需求。再說一次，隨著我們在銷售和行銷執行方面所做的改進，我們正在更好地滿足這一需求。它似乎在所有細分市場中分佈相當均勻，至少在北美，目前歐洲市場成長稍慢。

And in fleet, in particular, I think we've got some exciting opportunities there, and those tend to come in large deal chunks, and we've got some pretty exciting things there that we're working on that I'm looking forward to next year.

特別是在機隊方面，我認為我們在那裡有一些令人興奮的機會，而且這些機會往往是大塊的，我們正在那裡有一些非常令人興奮的事情，我很期待到明年。

All right. And then looking into next year with the Asia manufacturing, coupled with potential increasing higher-margin subscription revenue. Could you talk about any associated ramp in margin understanding you still get through the inventory on hand? But just looking for insight on how margin progresses throughout the year? And then any thoughts on a more competitive market for product sales impacting margin?

好的。然後展望明年的亞洲製造業，以及潛在的更高利潤訂閱收入的成長。您能否談談任何相關的利潤率上升，並了解您仍然可以通過手頭上的庫存？但只是想了解全年利潤率的進展嗎？那麼對於產品銷售競爭更加激烈的市場影響利潤率有何想法？

Yeah. So thank the first part, regarding margin expansion next year. Yes, you are correct. We do expect margin to expand next year. We'll start seeing it happen around middle of next year.

是的。所以感謝第一部分，關於明年的利潤擴張。是的，你是對的。我們確實預計明年利潤率將會擴大。我們將在明年年中左右開始看到它發生。

And you are also correct, both hardware and subscription margins should expand, however, because of the Asia manufacturing coming on board and their subscription margins expanding, because we will continue to see a larger size of subscription revenue in overall revenue, as well as more efficiencies and economies of scale.

你也是對的，硬體和訂閱利潤都應該擴大，但是，由於亞洲製造業的加入和訂閱利潤的擴大，因為我們將繼續看到總收入中訂閱收入的規模更大，以及更多效率和規模經濟。

What was the second part, sorry, of your question?

抱歉，您問題的第二部分是什麼？

Just like any thoughts on a more competitive market for product sales impacting margin?

就像對產品銷售競爭更加激烈的市場影響利潤率的任何想法一樣？

Yeah. The competitive landscape, it moves around. But in terms of the overall strength of the competition, it doesn't seem to change on an overall basis in an appreciable way. The thing we have noticed is that all the investments we've made in our support organization -- the example of our AI picture to resolution feature that we rolled out last quarter. Those are starting to make a real differentiating factor for us. we're winning deals on our ability to support our customers and make sure our networks stay up and stay reliable.

是的。競爭格局不斷變化。但從比賽的整體實力來看，整體上似乎並沒有明顯的變化。我們注意到的是，我們在支援組織中所做的所有投資——我們上季度推出的人工智慧圖片解析度功能的例子。這些開始成為我們真正的差異化因素。我們之所以贏得交易，是因為我們有能力支援客戶並確保我們的網路保持正常運作和可靠。

All right. Thanks so much.

好的。非常感謝。

(Operator Instructions) Craig Irwin, ROTH Capital Partners.

（操作員說明）克雷格歐文（Craig Irwin），羅仕資本合夥人。

Good eveinng, and thanks for taking my questions. I wanted to ask for a little bit more color around the sort of base assumptions in your forecast for growth and the return to positive EBITDA or I should say, the achievement of positive EBITDA because it will be a very important milestone.

晚上好，感謝您回答我的問題。我想要求您對成長預測和正 EBITDA 回報的基本假設提供更多的信息，或者我應該說，實現正 EBITDA，因為這將是一個非常重要的里程碑。

Can you maybe give us color on the relative contribution you expect from new products in verticals that you don't already serve versus new products that are updates, as you've referred to them multiple times on the call, versus organic growth and a positive trajectory for products that you already have established channels and relationships and customers for?

您能否向我們介紹一下您對尚未提供的垂直領域新產品與正在更新的新產品（正如您在電話會議中多次提到的那樣）的相對貢獻，與有機增長和積極增長的相對貢獻？您已經建立了通路、關係和客戶的產品的軌跡？

Good question, Craig. Nice to hear from you. I think next year, the new products that serve new use cases and categories will not contribute much. Those are really going to be developed and launched as we move through the year and start to show significant financial benefit in the following year. So the majority of the revenue in the upcoming fiscal year, our fiscal '26, which starts on February 1 will come from our existing portfolio.

好問題，克雷格。很高興收到你的來信。我認為明年，服務於新用例和類別的新產品不會做出太多貢獻。當我們度過這一年時，這些確實將被開發和推出，並在下一年開始顯示出顯著的經濟效益。因此，下一個財年（即 2 月 1 日開始的「26 財年」）的大部分收入將來自我們現有的投資組合。

Excellent. Thank you for that. And then just as a follow-up question. We're hearing a lot of interest about sort of an accelerated change over to Nat on the part of many sort of third-party network operators. Can you maybe comment a little bit about the availability of the necessary hardware to make that change, whether or not that's something that you could earn incremental service dollars on, as these networks are looking to pursue growth with the Tesla fleet versus the non-tested fleet, which has been a big boom for many of them over the last few years?

出色的。謝謝你。然後作為後續問題。我們聽到許多第三方網路營運商對加速向 Nat 的轉變表示興趣。您能否對實現此變更所必需的硬體的可用性發表一些評論，無論您是否可以透過這些硬體賺取增量服務費用，因為這些網路正在尋求透過特斯拉車隊而不是未經測試的車隊來實現成長艦隊，這在過去幾年中對他們中的許多人來說是一個巨大的繁榮？

Yeah. Another good question. Thanks, Craig. We're in good shape there. We've got our Omni port solution that we've publicly announced it's going to begin shipping here very soon.

是的。另一個好問題。謝謝，克雷格。我們在那裡狀況良好。我們已經有了 Omni 端口解決方案，我們已經公開宣布它將很快開始在這裡發貨。

And our parking lot is full of them. And they are used frequently and it's a really elegant solution that basically makes the connector on your car irrelevant. You can come to ChargePoint station no matter what you have as long as you you've got the Omni port solution installed. And we do expect customers to spend money upgrading to that solution as we move through into next year.

我們的停車場都停滿了。它們被頻繁使用，這是一個非常優雅的解決方案，基本上使您汽車上的連接器變得無關緊要。只要安裝了 Omni 連接埠解決方案，無論您擁有什麼，都可以存取 ChargePoint 站。我們確實希望客戶在進入明年時花錢升級到該解決方案。

And ladies and gentlemen, that concludes our question-and-answer session and today's conference call. We thank you for your participation, and you may now disconnect.

女士們、先生們，我們的問答環節和今天的電話會議到此結束。我們感謝您的參與，您現在可以斷開連接。